19th February 2018
Developers are quickly recognising the wealth of opportunities from the Build to Rent Sector. However, creating a positive customer experience is key to any successful development. Creating places people want to live will significantly increase the value. Here are 5 ways to maximise your development’s profit potential:
1) Use space wisely
Layout is key to making a property sellable. More bedrooms doesn’t necessarily make a property more valuable if the bedrooms are tiny box rooms. Tenants want quality space and not cramped living conditions, so find any way to reduce wasted space and make sure rooms flow together nicely and that you have a balanced space that suits working, entertaining and living. It is also beneficial to have space for additional services such as bike storage, parcel storage, and front desk support, which tenants will happily pay more for.
2) Importance of Location
A good location doesn’t necessarily mean in the city centre, as property prices are high so it’s therefore harder to make a profit. Towns on the outskirts of a city centre with good transport links, nearby schools and plenty of green areas make places desireable to live, which help maximise the profit when you come to sell. It is worth doing your research on regional hotspots, such as Solihull for links to Birmingham, and North East Somerset for access to Bristol.
3) Cater to your audience
Always keep your target market in mind when designing a building.In the Build-to-Rent sector, more and more young-professionals are expecting stylish, high quality living spaces. Putting too many personal touches on a project could alienate potential tenants, so it is best to keep rooms neutral, bright and clean in order to provide a blank canvas. Shared communal spaces such as gyms, roof terraces and cinema rooms, also create a positive customer experience and help attract tenants to the property in the first place.
4) Don’t scrimp on quality
Whilst it can be tempting to save money by buying cheap furniture and fixtures, it is a better investment to choose appliances etc that will last. If it looks like you have cut corners, you may find it harder to attract buyers when it comes to sell, or tenants if renting.
5)Future-proof your building with Smart Fibre Infrastructure™
LivingCom’s Smart Fibre Infrastructure™ (SFI™) offers a faster and simpler way to cable your building, helping to add rental value and reduce operational costs. The streamlined infrastructure requires less equipment so gives you more living space to work with. A full fibre infrastructure effectively future-proofs your building and enables the provision of smart technology such as smart metering, Wi-Fi controlled lighting, door entry, and much more.
Find out more by going to http://www.livingcom.co.uk/sfi